KeyCorp Lowers ABM Industries (NYSE:ABM) Price Target to $48.00

ABM Industries (NYSE:ABM) had its price target trimmed by KeyCorp from $51.00 to $48.00 in a research note published on Monday, Marketbeat reports. The brokerage currently has an overweight rating on the business services provider’s stock. KeyCorp also issued estimates for ABM Industries’ Q4 2023 earnings at $0.95 EPS, FY2023 earnings at $3.32 EPS and FY2024 earnings at $3.78 EPS.

Other equities research analysts have also issued reports about the stock. Robert W. Baird lowered their price target on shares of ABM Industries from $52.00 to $40.00 and set a neutral rating for the company in a report on Friday, September 8th. Deutsche Bank Aktiengesellschaft lowered shares of ABM Industries from a buy rating to a hold rating and lowered their price target for the company from $65.00 to $43.00 in a report on Friday, September 8th. William Blair lowered shares of ABM Industries from an outperform rating to a market perform rating in a report on Thursday, September 7th. StockNews.com started coverage on shares of ABM Industries in a report on Thursday, August 17th. They set a hold rating for the company. Finally, UBS Group lowered their price target on shares of ABM Industries from $50.00 to $42.00 and set a neutral rating for the company in a report on Friday, September 8th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $43.25.

ABM Industries Price Performance

Shares of ABM Industries stock opened at $41.46 on Monday. ABM Industries has a 52-week low of $37.61 and a 52-week high of $49.58. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 11.64 and a beta of 1.07. The company has a fifty day moving average of $44.14 and a 200-day moving average of $43.98. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.53 and a current ratio of 1.47.

ABM Industries (NYSE:ABM) last announced its quarterly earnings data on Thursday, September 7th. The business services provider reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.09). ABM Industries had a net margin of 2.96% and a return on equity of 12.69%. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the company posted $0.94 EPS. ABM Industries’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities research analysts expect that ABM Industries will post 3.48 EPS for the current year.

ABM Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Thursday, October 5th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $0.88 annualized dividend and a yield of 2.12%. ABM Industries’s dividend payout ratio (DPR) is presently 24.72%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ABM. Cambridge Investment Research Advisors Inc. bought a new position in shares of ABM Industries in the 1st quarter worth about $284,000. Bank of Montreal Can increased its stake in shares of ABM Industries by 2.2% in the 1st quarter. Bank of Montreal Can now owns 21,837 shares of the business services provider’s stock worth $1,000,000 after acquiring an additional 473 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of ABM Industries by 53.8% in the 1st quarter. MetLife Investment Management LLC now owns 35,527 shares of the business services provider’s stock worth $1,636,000 after acquiring an additional 12,425 shares in the last quarter. Rhumbline Advisers increased its stake in shares of ABM Industries by 2.2% in the 1st quarter. Rhumbline Advisers now owns 193,026 shares of the business services provider’s stock worth $8,887,000 after acquiring an additional 4,196 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in shares of ABM Industries by 2.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 60,453 shares of the business services provider’s stock worth $2,860,000 after acquiring an additional 1,246 shares in the last quarter. 86.42% of the stock is currently owned by institutional investors.

ABM Industries Company Profile

ABM Industries Incorporated, through its subsidiaries, engages in the provision of integrated facility, infrastructure, and mobility solutions in the United States and internationally. The company operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.